November 11, 2022

How Communities Bring New NFT Projects to the Top

Community is the epitome of nearly every organisation participating in digital forms of trade today. Brands have had all kinds of cult followings throughout the past decades of the modern industrial age, however, the concept of an active community surrounding the values of countless companies and projects was unexpected, to say the least.

Today, consumerism is winning battles across economies, and is more sophisticated than it ever was — people wish to be part of something bigger, something influential, and it is understandable why that would be. Despite some of the side effects we suffer daily from consumerism, history has shown numerous times that at the larger scale, it is often for the better.

The majority of existing businesses and even innovative startups just entering the market have not realised how crucial the community-building aspect of running a company is. This is how most of them tend to miss out on the loyalty and empathy that come from the customer, who often becomes more of a member in today’s age.

Projects that do not realise the importance of community building, are also those having trouble surviving — people in communities with specific values can and will not only be valued customers but produce one key element inside every company — productive marketing. Marketing has changed in such ways many of us would have hardly imagined.

Ads Are Tough To Deal With

Everyone must compete with their dollars to get valuable space on the internet, as the biggest websites, apps like Google, Facebook, Twitter, have been flooded with big corporations pushing the pictures of their products. So, why compete when the game is not that fair and one can never know exactly how an advertisement placement would perform. On the other side lives the community, the existence of which is drastically different from adverts.

Make no mistake, it takes courage, determination, and resources to build a meaningful community, sometimes even the aforementioned ads, but the value proposed and created from close to nothing will be astonishing. Community members can bring one the retention rate that beats the industry standards. Understanding this, after the rise of cryptocurrency and later NFTs, decentralisation-focused projects started capitalising on communities that can live on a wide variety of platforms.

The community-building activities have brought enormous attention from the internet crowds and allowed crypto & NFT projects to accelerate to levels never seen before. The magical aspect of this process is in the knowledge and skills that the community members acquire — people not only learn about using the advanced decentralised platforms that projects build, but also dramatically increase their knowledge of networks, blockchains, human interaction, and transaction through the latest technology, and more.

What Happens In Decentralised Communities

As the people’s knowledge grows, so do their wishes and needs for newer, fancier products which can be later developed by the NFT project. In addition to technology skills, the audience also familiarises itself with NFT and crypto markets that have been growing ever more widespread since the invention of Bitcoin.

Active communication between the community members and the NFT project leaders bring value to everyone involved — the project gets feedback flooding in constantly, project partners see every bit of the operations in a transparent way, and for the customer, platforms, networks, tokens, and NFTs get iterated and optimised quickly.

Additionally, people who are active in a community and participate in the many competitions, hackathons, giveaways NFT projects often create, have the chance to either win or receive as a gift, a piece from a variety of digital valuables. Simply put, everyone — NFT & crypto projects, consumers, partners — who invest their time in community creation, growth, and maintenance, gets handsomely rewarded for it.

However, as mentioned above, communities, although they are key to successful communication and drive of mission, are also increasingly difficult to wield. A community must nearly always start from one person — one member not originally part of the project. It is as if an NFT project was running a separate business on the side, but instead of customers, it receives members, and instead of monetary value, it gets communication and active participation in the ecosystem.

CeFi Is Getting A Hang Of Community-Building

This looks, feels, and is beautiful, as the concept of competition and fight for a one-time customer hardly exists in community-based environments. However, the job market, which has been filled with countless community manager positions across multiple industries, shows that masters of audience engagement are highly sought after and that companies are getting more desperate for bespoke communities by the day.

This means that not just crypto and NFT projects have a strong awareness of this, but the rest of the digital economy too. However, the decentralised community is a lot different, and the majority of people in one are more than excited about helping build the next generation of the internet — Web3.

When customers become members, and then close to being actual value creators for an NFT or crypto project, the gears shift and the visions become ever more powerful — this process can also be seen at DAOs. A simple non-outlier software-as-a-service company might not be as appealing with its average mission to a highly ambitious digital economy participant who wishes to help build different systems.

The decentralised set of communities is at its best today, and there aren’t any signs of it slowing down. With this in mind, the remaining community-less NFT projects should try their best to take advantage of the massive community-building opportunity that lies not just on social media, but on platforms designed for engagement and gamification of processes, such as SparkWorld*.

Push It To The Limit

Every one of the above-mentioned processes complements each other, creating both a network effect and substance that would lead to mass adoption of innovative, trustless and superbly efficient technology changing the lives of millions.

Why not stop missing out on the chances of having one’s own group of members who actually care about a project’s mission, vision, values, and product!

The age of community-fueled companies has already begun, with thousands of people joining like-minded others to build better technology that, instead of taking power away from people, provides it.